DXB Entertainments PJSC (“the Company”) is a publicly listed company under the jurisdiction of Dubai Financial Market (DFM) and is regulated by the Emirates Securities and Commodities Authority (SCA). The Company is committed to standards of corporate governance that are in line with international best practice as well as following the directives of SCA’s Resolution No. (7 R.M) of 2016 Concerning the Standards of Institutional Discipline and Governance of Public Shareholding Companies (Governance Rules).
A Corporate Governance Manual has been developed in line with the Board of Directors’ commitment to compliance, and includes the following sections on key governance components:
The Board of Directors conducts assessments of its own performance and that of its committees on an annual basis, presenting the results to the Board in the form a report with recommendations for improvement, if any, as well as a follow up action plan.
Transparency and disclosure is one of the key considerations for the Company when publishing information. The Board ensures that all disclosures provide sufficient, accurate and true information for shareholders and investors. We have a separate Investor Relations department, which is accessible to the investors through the Company website. All Company related communications issued are archived on the website, including all financial statements, annual reports and public statements, and the contact details of the Investor Relations department is provided in case further clarifications are required.
The Company is committed to conducting its affairs in a fair and transparent manner by adopting the highest standards of professionalism, honesty and integrity, and all employees of the Company are expected to maintain the same standards
The Company is committed to promoting shareholders’ confidence by implementing internal controls which ensure that dealings in the Company’s securities take place in an ethical, transparent and informed manner. Therefore the Company has a Share Dealing Policy in place regarding the dealings in its securities by Directors, Executive Management, employees and third parties as specified in the Share Dealing Policy
The Company ensures that all shareholders are treated equally and fairly. All shares issued by the Company are ordinary shares with equal rights and equal obligations. All rights associated with the shares are vested in the shareholder. The Company’s processes and procedures ensure that the shareholders are able to exercise all of their regulatory rights duly and indiscriminately, in line with the applicable laws and regulations. The Dividend Policy has been developed in line with the best interests of shareholders and the Company with respect to dividend distribution.
The Company considers the interests of its stakeholders which include its employees, suppliers, shareholders, creditors, clients, prospective investors and any other person having an interest in the Company and its activities.
Our Board of Directors recognises that the interests of the Company are served by recognising the interests of stakeholders and their contribution to the long-term success of the Company.
The objective of Internal Control is to apply a precise internal control system that aims at developing an assessment of the Company’s risk management means and measures, a sound application of Governance Rules, verification of compliance by the Company and its employees with applicable laws, regulations and resolutions, internal policies and procedures, and reviewing financial information.
Our internal control framework ensures that internal controls are established, adequately documented, maintained and adhered to in each unit, department and division.
The Company won the Ethical Boardroom Award for Best Corporate Governance in the Leisure and Entertainment Industry Middle East for 2016. The award recognises outstanding companies who have exhibited exceptional leadership in the area of governance and that excel in corporate governance practices beyond legal and regulatory requirements.
This award recognises our superior governance practices in the Leisure and Entertainment Sector. The Company competed alongside global players for this CG Award and was scrutinised based on 120 governance factors. An independent panel consisting of international corporate governance experts selected us as the winner after a rigorous judging process.
